The price of beef in China has trended downwards in recent years, with analysts pointing to oversupply and a lack of demand.
At the same time imports have surged, with China representing a hugely important market for countries such as Australia.
Beijing’s Commerce Ministry assigned annual quotas on beef from countries including Australia in late December after investigators found that imports had damaged China’s domestic industry.
Beef sent to China would be subject to the extra 55 percent levy if imports went beyond those quotas, the ministry warned, with Australia facing a quota of 205,000 tonnes in 2026.
The Commerce Ministry said that “imports of beef from Australia under the beef safeguard measure reached 100 percent of the prescribed volume for that country” a day earlier.
The additional 55 percent tariff would be levied on Australian beef imports from Saturday, it said.
The ministry described the levies in December as “safeguards” and said they would be gradually relaxed. (AFP)
